How New NYC Rental Laws Affect NJ Real Estate
Q: Gerald, will New York City’s new rental laws affect real estate in NJ? Doug, Hoboken, NJ
A: NYC recently approved a package of rent laws that affects NYC’s 5.4 million NY renters and landlords. Among other things the new laws affect rent increases, broker fees and evictions. The most powerful force in real estate and most markets is supply and demand. These new NYC laws already have resulted in many new york landlords and investors looking at other local markets to do business in CT, Long Island and NJ–I have certainly seen more competition from NY investors in the local real estate markets I operate in. The competition will certainly have an effect on demand as will the corona virus and larger economy as well moving forward. The thing to look closely at is which municipalities in NJ these NYC investors land and stay. As always, it’s wise to monitor housing inventory, DOM for properties and contract sales in the markets you operate in. Thanks for your question, Doug.
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